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MATTER OF CONSOL. EDISON CO. OF NEW YORK, INC. v. NEPTUNE ASSOCS.

190 A.D.2d 669 (1993)

In the Matter of Consolidated Edison Company of New York, Inc., Respondent, v. Neptune Associates, Appellant

Appellate Division of the Supreme Court of the State of New York, Second Department.

February 1, 1993

Ordered that the judgment is affirmed, with costs.

In 1987, the respondent appropriated the subject property, a 107,223 square-foot parcel of primarily vacant land located on Neptune Avenue in Brooklyn. At a trial on the issue of damages, the claimant's appraiser valued the property based on the highest and best use as a regional shopping center. Using the "land residual technique", which capitalized the projected income...

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